Turning on the inverted chart option for BTC can really put things into perspective. As we can see, this is a classic ascending triangle pattern with a flat line of resistance around 9000ish, followed by a series of higher-low's after each rejection. I have gotten rolled over the coals for being bearish on BTC in this region, but that is likely by the same people who were bullish in the 6k region back in 2018. Sentiment matters; when everyone thinks the same, someone isn't thinking. Regardless of whether you're bullish or bearish, it is always wise to consider each side of the trade and consider arguments for and against your stance.
My question for you all to consider is this: Had you not known this chart was inverted, would you be bullish on bearish on it?
I also just opened my own free telegram channel for those interested (I post my thoughts on the market in there frequently): t.me/joinchat/AAAAAFInF0WGGqFKrayTMw
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.
-As a side note, if you would like to support a college kid and the TA I do, I accept BTC/ETH/LTC/USDC donations. Any and all donations are greatly appreciated and really do help me out! Thank you to all you who donate. :)
Everyone knows this and is looking at this expecting it to play out. greatest bear trap of all time- front run , calling it now .
itszoot
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@zutautj, refer to my 12 hr chart you will be shocked to see what signal came up .
Migueldiz
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@zutautj, where your chart 12 ?
AaronOlsen
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Pretty clear... I must say. What is your target when this plays out to the downside? Thanks.
Deftsuo
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@AaronOlsen, Given the nature of the rally, I think the 7k region is a likely target should 9k break IMO. However, 5800-6400 would my next target following that should 7k not hold. These are just my initial thoughts, we will need to see how price action develops on any move below 9k to get a better idea of where it would land.